Hong Kong: Retail sales growth accelerates in May
June 29, 2015
In May, retail sales increased 4.6% over the same month last year, accelerating from the 2.5% rise tallied in April and marking a three-month high. May’s performance was mainly the result of a stronger growth in sales of commodities in supermarkets as well as food, alcoholic drinks and tobacco, which more than offset decreases in the sales of wearing apparel and medicines and cosmetics.
A government spokesman explained that, “retail sales showed some relative improvement in May. Nevertheless, the drag from the slowdown in tourist spending remained notable, as the sales of jewelry, watches and clocks, and valuable gifts continued to register a double-digit year-on-year decline.” The official also noted that, “the near-term outlook for retail sales will still depend much on the performance of inbound tourism. Yet, the stable job and income conditions should render some support to local consumer sentiment. ”
Retail sales fell a seasonally-adjusted 5.3% in the three-month period ending in May compared to the three-month period ending in February.
Author: Eric Denis , Economist